(MENAFN- Newsfile Corp) Avana Wallet Announces In-App Solana Liquid Staking Powered by Marinade
Miami, Florida--(Newsfile Corp. - June 23, 2022) - Avana Wallet, a Solana blockchain non-custodial crypto wallet, announced the in-app integration of Solana liquid staking using Marinade Finance. Avana Wallet users can now exchange their Solana SOL for Marinade mSOL and begin accruing staking rewards in seconds with just a few clicks.
Marinade is a non-custodial liquid staking protocol built on the Solana blockchain. Marinade enables users to stake SOL tokens using automated staking strategies and receive 'marinated SOL' tokens (mSOL) that accrue staking rewards continuously. The price of mSOL appreciates gradually relative to Solana SOL as staking rewards earned by Solana validators are distributed to mSOL token holders. The current staking reward APY of Marinade mSOL is 5.8%.
Avana Wallet syncs with Marinade's on-chain smart contracts and off-chain API to provide users real-time data including the current staking reward APY, total value locked, the number of Solana validators participating in the program, liquidity pool funding, and unstaking fees. Users interact directly with Marinade smart contracts when they swap their SOL for mSOL using Avana Wallet.
'We are strong advocates of the win-win solution that Marinade's liquid staking program offers to the Solana ecosystem. Marinade makes it easy for Avana Wallet users to swap their SOL for mSOL and begin accruing staking rewards in a matter of seconds,' said Patrick McGlynn, CEO and Founder of Avana Wallet. 'Marinade's broad allocation to over 400 medium- and small-sized validators helps further decentralize Solana and strengthen overall network security. Diversifying the pool of validators is a critical step in achieving the Solana bull case.'
'Integrating Marinade liquid staking directly into Avana Wallet makes it incredibly easy for Solana users to enjoy unlocked staking yields and access to Solana DeFi through mSOL,' said Michael Repetny, a Marinade contributor. 'This integration also contributes to the long-term censorship resistance of Solana and supports the growing independent validator community. Thank you to Avana Wallet for supporting mSOL and the Solana ecosystem.'
Solana SOL Liquid Staking Powered by Marinade Using Avana Wallet
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Solana users staking with Marinade benefit from portfolio diversification and staking liquidity. Traditional staking on Solana requires users to wait up to three days to unlock staked SOL. Marinade's mSOL can be unstaked or swapped for other Solana SPL tokens at any time using Avana Wallet.
In addition, a growing number of DeFi applications now accept mSOL as deposit collateral. Over 30 Solana DeFi protocols accept mSOL, including Mango Markets, Orca, Saber, Raydium, and more.
The Solana SOL staked with Marinade is distributed to more than 400 medium- and small-sized validators. These validators are chosen by Marinade's transparent and permissionless formula that is automatically rebalanced at regular intervals. Marinade charges 2% of staking rewards as a fee, which is the lowest among liquid staking protocols. Avana Wallet does not charge a fee when its users stake with Marinade.
'Today liquid staking represents about 2% of Solana SOL staked. We are very optimistic on the growth potential of Solana liquid staking protocols in coming years. Marinade has helped simplify the liquid staking process by providing transparent and accessible on-chain solutions,' said Patrick McGlynn. 'Users can achieve fast and easy staking portfolio diversification in a single transaction when they stake with Marinade.'
About Avana Wallet
Avana Wallet is a Solana blockchain non-custodial wallet that enables users to connect with Web3 decentralized applications (dapps), DeFi, NFT marketplaces, blockchain gaming and more. Avana Wallet users can send, swap, stake, and receive crypto using the Solana network. Most transactions processed on the Solana network clear in a matter of seconds for less than a penny. Avana Wallet is available in more than 30 languages. More information on Solana liquid staking . Download Avana Wallet for Chrome, Edge, Brave, and Firefox web browsers.
Marinade is built and governed by its community members through the Marinade DAO. The DAO is an on-chain system designed to provide transparency and fairness to the governance of Marinade. Marinade's program currently has $259 million in total value locked allocated to 442 Solana validators.
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